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i • Oil &9- 104835 UN ORM CovENavrS. Borrower and Lender covenant and agree as Follows: 1. Payneat of PHodp l od iattseat; Pnpymnt and Late Charger. Borrower shall promptly pay when due the principal ofanid interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Facia forTaroa anal lmwoate, Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Leander on the day monthly payments are due under the Note, until the Note is paid in full, a sum ('•Funds") equal to one-twelfth of (a) yearly taxes and anessrnenus which may attain priority over this Security Instrument; (b) yearly Iesaeioid payments or ground rents on the Property. if any; (e) yearly hazard insurance premiums; and (d) yearly mongageitnsuraaoe premiums. if any. These items are called "ewrowr items." Lender may estimate the Funds due on the bmbdentdaisand reaaosssbieestintstadfutun esenowitertts. The Fmids shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state spow (imchading Leader if Leader is such an institution). Lender shall apply the Funds to pay the escrow items. Lander may not charge for holder and applying the Funds, analyzing the account or vaii+ying the escrow items, unless Leetkt pays Borrower interest on the Funds and applicable law permits Lender to make such a charges Borrower and header may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law rrDgtait�a interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Leader tiltall give to Harrower, without charge; an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by tbb Security Instrument If the amount of Ube Funds held by Lender, together. with the future monthly pt. j_v cfFtmds payable prior to the due dates of the escrow items. shall exceed the amount required to pay the escrow iti" is wlit dpe, the excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on in onthIsy payments of Funds. If the amount of the Funds held by Lender is not sut6ciient to pay the escrow items when due. Borrower shall pay to Lender any amioamt necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If underparagmph 19 the Property is sold or acquired by Lender, Lender shalt apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3 Appliestim of Payaaents. Unless applicable law provides otherwim all payments received by Lender under paragraphs 1 and 2 sly be applied: first, to late charges due under the Note,, second, to prepayment charges due under the Note third, to amotrmpayable under paragraph 2; foist%, rss Jimmest due, and last, to principal fihmf 4 Maws; Lion. Borrower shall pay irtl taxes, assessments. charges, fines and imposid(ms attributable to the Property which mays *wWn priority, over tha Security Instrument, and leasehold 'payments clr: ground rents, if Borrower shall pay tbowabligations in the manner provided in paragraph 2, or if not paid in that manner. Borrower Shall pay than an time dirwdy to the g nom owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly. Borrotw shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, (b) contexts in good faith the Dim by. or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent t b enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder dtlr..e lien an ageemeri, satisfactory to Lender subordinating the lien to this security Instrument If Lender determines these any part of the Property is subject to a lien which may attain priority over this Security Instrument, Under may give Borrower M notice identifying the lien. Borrower shall satisfy the lien or take one cr.rmr a of the actions set foft h d-ove within 10 days of the giving of notice. S. Hass rd Itwrance. W.-Tower shall keep the imM, ,i;emens mqw existirg ar hereafter erected on site~ Property insured against kiss by fire, hazards Included within the tem "-e tender l oawerage" and any other hazards for which Lender requires insurance. This insurance shall be mai:.ta rod: m cLe artcri .1s and for the periods that Lender requires. Thee insurance carrier providing the insurance shall be 4acsen ty Borrower subject to Lender's appraAA which shall not be unreasonably withheld. All insurance policies and renewals shall be aiccepceaizl+e- io Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewxh , if Lender requires. Borrower shall promptly give to Lender all reci ioz of paid premiums and renewal notices. In the event of lens. Borrower shall give p =V. notice to the insurance carrw Lend Lender. Leader may make proof of Its; if not made promptly by Borrower. !Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair~ of the Phaperty damaged. if the restoration or repair is economically feasible and l..-arfirr's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due. with any excess paid to Borrower. If Borrower abandons the Property. or does not answer within 30 days a notice from Lender dial rile insurance earner has offered to settle a charm, then Lender may collect the insurance proceeds. Lender may use the pnxxeds to repair or fglore the Property or to pay sums secured by this Security Instrument, whether or not then due. The A -day period will begin when the notice is given. Unless Lender and Borrower otherwisesgree in writing, any application of proceeds to prindpal shall not extend or postpone the due date of the monthly payments rrfcrred to in paragraphs .1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security instrument immediately prior to the acquisition. 6. Pmmatian sad Maiateammee of Property; Leateb". Borrower shall not destroy. damage or substantially change the Property. allow the Property to deteriorate or commit waste. if this Security Instrument is on a leasehold. Borrower shall comply with the provisions of the lease. and if Borrower acquires fee title to the Property, the leasehold and face title shall not merge unless Lender agrees to the merger in writing. 7. Prateetiom of Leasers RlOts is the Property; MorQW Iwaraace. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect I 'e to the Prtlprrty (%ugh 23 a pran4cdistg in banCruytey. prolate. for c07(leeiitineetion or to enfuree laws or regulations). then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court. paying reasonable attorneys fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7. Lender does not have to do so Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Security instrument. Unless Borrower and Lender agree to other terms of payment. these amounts shall beat interest from the date of disbursement at the Note rate and shall be payable, with interest. upon notice from Lender to Borrower requcsti ngpiyment. -i